WEEKLY SUMMARY: China's major steel prices recover slightly

China's prices of major steel products, including rebar, square billet and hot-rolled coil (HRC), recovered slightly during the week of July 6-10, mainly supported by domestic steel mills' higher production costs and their reduced steel output.

Rebar: On July 10, Mysteel assessed China's national price of HRB400E 20mm dia rebar at Yuan 3,287/tonne ($485/t) including the 13% VAT, up Yuan 7/t from one week before. Rebar prices in the derivative market also strengthened last week, with the most-traded contract on the Shanghai Futures Exchange for October delivery